Studio for sale

Cradley Road, Netherton, Dudley DY2

Summary

This property will be legally prepared enabling any interested buyer to secure the property immediately once their bid/offer has been accepted.

Ultimately a transparent process which provides speed, security and certainty for all parties.

Cash Buyers preferred

Leasehold (as advised by the seller).

Approx. 11% Gross Yield - a fantastic opportunity for investors

Years Remaining: 53 years remaining on the lease (as of 25th March 2025)

Ground Rent: 45 per annum (increasing to 100.00 per annum on 25th March 2045)

Service Charge: 1,100 per annum

Ground Rent & Service Charge Review: Ground Rent every 33-years, Service Charge reviewed every 1-year

Set back from the footpath with surrounding shrubbery, the property is accessed via a communal front entrance door. The flat's front door is located immediately to the left.
Front access only

Council Tax Band: A
Tenure: Leasehold
Length Of Lease: 60
Annual Ground Rent Amount: 45.00
Ground Rent Review Period: Per annum
Annual Service Charge Amount: 1,100.00
Service Charge Review Period: Per annum service charge

Open Plan Fitted Kitchen/Living Area (5.54m x 4.10m)

Featuring newly fitted light wood-effect laminate flooring in the main living and kitchen space, with grey carpet in the sleeping area. A statement feature wall enhances the sleeping area, which also benefits from double doors leading to a built-in wardrobe. The room is well-lit with four light fittings throughout, and two new double-glazed windows to the front elevation. A new electric heating radiator with a decorative panel covering.

The fitted kitchen is designed with matching white wall and base units, complemented by marble-effect worktops and a black subway tile backsplash. The space includes an inset stainless steel sink drainer unit with hot and cold taps, a freestanding fridge freezer, a washing machine, an electric cooker with hobs, and an extractor fan above. A door leads to the shower room.

Shower Room (1.52m x 1.40m)

Finished with white marble-effect floor tiles and white wall tiles. A small obscure window is positioned to the side elevation. The suite comprises a built-in shower cubicle with an electric shower, a vanity hand wash basin with hot and cold taps, and a push-button low-level W.C. There is also a door leading to the immersion heater storage cupboard.

Outside

Private residents' parking is available to the rear, providing ample off-street parking.

Auctioneers Additional Comments

Pattinson Auction are referred to below as The Auctioneer. This auction lot is being sold under either conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between any marketing agent and The Auctioneer so that all matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid on any property marketed by The Auctioneer, all bidders buyers must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere. Our verification process is in place to ensure aml procedures are carried out in accordance with the law

Auctioneers Additional Comments

The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and the auctioneer and will typically be within a range above or below 10% of the Guide Price, Starting Bid. These prices are subject to change. An auction can be closed at any time with the auctioneer permitting for the property (the lot) to be sold prior to the end of the auction. A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers obligations and sellers commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

Auctioneers Additional Comments

In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum of 6,000 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and the Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.